MARA hits monthly mining milestone, holds all 950 BTC to grow second-largest public crypto treasury

The Bitcoin miner formerly known as Marathon Digital (ticker MARA) mined 950 BTC, worth over $101 million, in May, according to an announcement on Tuesday. The firm chose to hold all of these coins, bringing its total Bitcoin reserves to 49,179 BTC, a sizable addition to the second-largest publicly traded Bitcoin treasury.

The return represents a 35% increase from April. May was also a record-breaking month for MARA in terms of block production, with 282 blocks won, a 38% increase over April and a new monthly high. 

MARA is one of many Bitcoin firms that has ventured into AI infrastructure services to diversify its business, particularly following the 2024 Bitcoin halving that slashed mining revenues, though the firm has also made notable investments in an attempt to double its mining capacity. In March, MARA said it would sell up to $2 billion in stock offerings to expand its Bitcoin holdings, including through investing in its mining operations. 

The 950 BTC mined is the highest for MARA since that halving in April 2024, though still a far cry from its record 1,853 BTC mined in December 2023.

MARA is the largest publicly traded Bitcoin miner in the U.S. with a market capitalization of $4.9 billion, according to The Block's MARA price data . The stock is currently trading over $15, up 5.22% on the day. Some analysts place the stock in an "outperform" status, predicting it could more than double over the next year. That said, MARA is down 12.7% year-to-date.

MARA's first-quarter revenues rose to $214 million, up about $50 million from the previous year. However, it registered a net loss of $533 million, The Block previously reported .

The miner recently partnered with SEC-registered Bitcoin investment advisor Two Prime to allocate upwards of 500 BTC in a managed yield strategy to earn yield on its sizable cryptocurrency holdings.